HOT pockets of prestige properties across the western suburbs of Sydney are defying the downturn and creating streets of suburban millionaires.
Suburbs such as Bankstown, Liverpool and Campbelltown, better known for their fibro-cottage neighbourhoods, are being sought by the well-off, who are spurning the traditional blue-blood belt clustered around Sydney Harbour.
Grand mansions are selling for millions as Sydney's most successful citizens return to the suburbs in which they were raised.
Hidden among streets where houses routinely sell from $280,000 to $640,000 are secret enclaves of world-class homes - with up to eight bedrooms, six bathrooms, tennis courts and swimming pools. And they all wear seven-figure price tags.
Between Liverpool and Campbelltown is what real estate agents call a "neo-classic masterpiece".
With Waterford crystal chandeliers hanging from 3m ceilings, rare imported marble finishes on six bathrooms and two fireplaces, a full-sized tennis court, an indoor heated pool and an award-winning kitchen, it belongs to original suburban millionaire, developer Roy Medich.
Mr Medich - who spent his life in western Sydney, growing up in Cabramatta then Bringelly and finally settling into his dream design at Denham Court - is moving out, leaving 30 Cubitt Drive to smash price records. At $4 million, the price is 15 times the Campbelltown median.
In the northwest, Dural, Annangrove and Eastwood have streets with up to eight homes reaching seven figures, while Bankstown's Fenwick St has four, and a mansion on Flowerdale St, Liverpool, is about to be the street's first.
University of Western Sydney psychology professor Patsy Tremayne said no matter how successful people get they want to stay with their roots.
"People like to be near people they know, near where they grew up and near family," she said. "Self-made people are down to earth and are most comfortable at their local pub or supermarket."
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Jenny
Suburbs such as Bankstown, Liverpool and Campbelltown, better known for their fibro-cottage neighbourhoods, are being sought by the well-off, who are spurning the traditional blue-blood belt clustered around Sydney Harbour.
Grand mansions are selling for millions as Sydney's most successful citizens return to the suburbs in which they were raised.
Hidden among streets where houses routinely sell from $280,000 to $640,000 are secret enclaves of world-class homes - with up to eight bedrooms, six bathrooms, tennis courts and swimming pools. And they all wear seven-figure price tags.
Between Liverpool and Campbelltown is what real estate agents call a "neo-classic masterpiece".
With Waterford crystal chandeliers hanging from 3m ceilings, rare imported marble finishes on six bathrooms and two fireplaces, a full-sized tennis court, an indoor heated pool and an award-winning kitchen, it belongs to original suburban millionaire, developer Roy Medich.
Mr Medich - who spent his life in western Sydney, growing up in Cabramatta then Bringelly and finally settling into his dream design at Denham Court - is moving out, leaving 30 Cubitt Drive to smash price records. At $4 million, the price is 15 times the Campbelltown median.
In the northwest, Dural, Annangrove and Eastwood have streets with up to eight homes reaching seven figures, while Bankstown's Fenwick St has four, and a mansion on Flowerdale St, Liverpool, is about to be the street's first.
University of Western Sydney psychology professor Patsy Tremayne said no matter how successful people get they want to stay with their roots.
"People like to be near people they know, near where they grew up and near family," she said. "Self-made people are down to earth and are most comfortable at their local pub or supermarket."
Read more ...
Jenny
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